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For Microsoft Developer Showdow Technopreneurship Track 26 June 2008
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I made something people I made something people wantwant
By Paul PajoBy Paul Pajo
Startups in 13 sentencesStartups in 13 sentences
From Paul Graham’s Essay – Startups in 13 From Paul Graham’s Essay – Startups in 13 sentencessentences
I usually send this to people who want to know I usually send this to people who want to know what a startup iswhat a startup is
http://paulgraham.com/13sentences.htmlhttp://paulgraham.com/13sentences.html INC.Com recently had an article about Y INC.Com recently had an article about Y
Combinator – launched 145 companies since Combinator – launched 145 companies since 20052005
A New ParadigmA New Paradigm
What do you want to be?What do you want to be?
8 out of 10 businesses fail 8 out of 10 businesses fail within 2 years of within 2 years of
incorporationincorporationHow do you feel after reading this How do you feel after reading this
statement?statement?
Don’t let the rat race bleed Don’t let the rat race bleed entrepreneurship out of youentrepreneurship out of you
If you get burned out before you even If you get burned out before you even started, it might be hard to get back to started, it might be hard to get back to
the starting linethe starting line
1. Pick good co-founders1. Pick good co-founders
Good to Great principle – who will be Good to Great principle – who will be the people in the busthe people in the bus
2. Launch Fast2. Launch Fast
A reason to engage usersA reason to engage users You start learning immediatelyYou start learning immediately
3. Let your idea evolve3. Let your idea evolve
PayPal wasn’t originally about PayPal wasn’t originally about paymentpayment
Pivot, Pivot, PivotPivot, Pivot, Pivot
4. Understand Users4. Understand Users
Make something people wantMake something people want I made something people wantI made something people want
5. Better to make a few users 5. Better to make a few users love you than a lot love you than a lot
ambivalentambivalent 1,000 fans from kk.org (Techmium)1,000 fans from kk.org (Techmium)
Something in between the “head” and Something in between the “head” and the “long tail”the “long tail”
6. Offer surprisingly good 6. Offer surprisingly good customer servicecustomer service
In a sea of mediocrity, it takes so little In a sea of mediocrity, it takes so little to stand outto stand out
At the onset, it SHOULDN’T ScaleAt the onset, it SHOULDN’T Scale
7. You make what you 7. You make what you measuremeasure
What you measure, motivates youWhat you measure, motivates you When people KNOW they are When people KNOW they are
being measured, they up the antebeing measured, they up the ante
8. Spend little8. Spend little
What is your burn rate?What is your burn rate? Don’t run out of moneyDon’t run out of money
The cheaper you can do this the MORE The cheaper you can do this the MORE you can iterateyou can iterate
9. Get Ramen Profitable9. Get Ramen Profitable
Important MilestoneImportant Milestone ““You make just enough to pay for You make just enough to pay for
the founder’s living expenses”the founder’s living expenses”
10. Avoid distractions10. Avoid distractions
Day Jobs/Consulting/Side ProjectsDay Jobs/Consulting/Side Projects Give your startup a chance – carve Give your startup a chance – carve
some timesome time
11. Don’t get demoralized11. Don’t get demoralized
That’s why you need a co-founderThat’s why you need a co-founder Pivot, Pivot, PivotPivot, Pivot, Pivot
12. Deals Fall Through12. Deals Fall Through
Background processesBackground processes Don’t let your morale depend on itDon’t let your morale depend on it
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